Background/Summary:
On May 2, 2017, the District Board adopted Resolution No. VCFD 2017- approving the District’s proposed fiscal year 2018 Budget and Tax Levy and established a hearing date of May 16, 2017 to review the proposed budget and tax levy estimates.
A final form of the District Budget, which is included as Exhibit 1, provides for an operating and capital budget of $4,635,200 for the District for the Fiscal Year 2018. It identifies the revenues and expenses of the District, and outlines the sources and uses of funds for the upcoming year. Exhibit 2 provides a statement of estimated taxes to be collected and estimates the limited assessed valuation to be $144,687,229 for FY 2018.
The tax rate proposed for the upcoming fiscal year remains unchanged at the rate of $2.10 per $100 of limited assessed value for debt service. The total tax levy revenue for the upcoming year is estimated to be $3,038,432. The balance of revenues for the District are anticipated to come from the Developer as per the Standby Contribution Agreement.
As required by State Statute (ARS 48-716), a notice of public hearing on the District Budget for Fiscal Year 2018 was published in the Peoria Times on May 5, 2017 and May 12, 2017, at least ten days prior to the hearing date. Following the public hearing on May 16, 2017, the District Board may adopt the final budget by resolution.